Steelcase Inc. (SCS) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in Steelcase Inc. (NYSE:SCS) by 14.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 307,712 shares of the business services provider’s stock after selling 49,953 shares during the period. Bank of America Corp DE owned 0.26% of Steelcase worth $4,154,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SCS. Deprince Race & Zollo Inc. lifted its position in shares of Steelcase by 22.6% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 2,925,293 shares of the business services provider’s stock worth $39,491,000 after purchasing an additional 539,088 shares during the period. BlackRock Inc. lifted its position in shares of Steelcase by 8.5% in the 2nd quarter. BlackRock Inc. now owns 5,802,959 shares of the business services provider’s stock worth $78,341,000 after purchasing an additional 456,137 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Steelcase by 39.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,600,204 shares of the business services provider’s stock worth $21,604,000 after purchasing an additional 449,466 shares during the period. Pzena Investment Management LLC lifted its position in shares of Steelcase by 14.0% in the 2nd quarter. Pzena Investment Management LLC now owns 3,393,731 shares of the business services provider’s stock worth $45,815,000 after purchasing an additional 416,815 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Steelcase by 10.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,199,765 shares of the business services provider’s stock worth $56,697,000 after purchasing an additional 386,228 shares during the period. Institutional investors and hedge funds own 64.42% of the company’s stock.

A number of research firms recently commented on SCS. ValuEngine raised shares of Steelcase from a “sell” rating to a “hold” rating in a research report on Friday, July 6th. Raymond James increased their target price on shares of Steelcase from $16.50 to $20.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. TheStreet raised shares of Steelcase from a “c+” rating to a “b” rating in a research report on Friday, September 21st. Zacks Investment Research raised shares of Steelcase from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Wednesday, September 26th. Finally, Seaport Global Securities raised shares of Steelcase from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Friday, October 12th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Steelcase presently has an average rating of “Buy” and an average price target of $20.33.

In other Steelcase news, Director Robert C. Pew III sold 16,291 shares of the firm’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $17.51, for a total value of $285,255.41. Following the completion of the transaction, the director now owns 255,090 shares of the company’s stock, valued at $4,466,625.90. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $18.61, for a total transaction of $372,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 218,091 shares of the company’s stock, valued at approximately $4,058,673.51. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,791 shares of company stock valued at $1,056,215. Corporate insiders own 17.58% of the company’s stock.

NYSE:SCS opened at $16.60 on Thursday. Steelcase Inc. has a 52 week low of $13.10 and a 52 week high of $19.35. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.94. The company has a market cap of $1.90 billion, a P/E ratio of 18.24 and a beta of 1.24.

Steelcase (NYSE:SCS) last posted its earnings results on Friday, September 21st. The business services provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.12. Steelcase had a net margin of 2.89% and a return on equity of 13.97%. The company had revenue of $875.80 million during the quarter, compared to analysts’ expectations of $873.70 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. Steelcase’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that Steelcase Inc. will post 1.07 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were issued a $0.135 dividend. The ex-dividend date was Friday, September 28th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.25%. Steelcase’s dividend payout ratio is currently 59.34%.

Steelcase Profile

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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Institutional Ownership by Quarter for Steelcase (NYSE:SCS)

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